$3.9 billion is the deal price on a reverse merger that pairs EverBank Financial with WaFd, Inc. (Nasdaq: WAFD), yielding a combined institution with roughly $75 billion in assets and a new Nasdaq listing under ticker EVBK. EverBank merges into WaFd's legal entity, WaFd adopts the EverBank Financial Corp. name, and the ownership split lands at 59.2% for EverBank shareholders versus 40.8% for WaFd's existing holders.
The diversification math is the structural driver. EverBank's roughly $37 billion loan portfolio currently carries more than 40% exposure to nonbank financial companies, tied to private-equity and private-credit borrowers. Reuters reports that concentration falls to approximately 28% in the combined book, a reduction of more than 1,200 basis points.
| Metric | Figure | Status |
|---|---|---|
| Deal value | $3.9B | Reported |
| Combined assets | ~$75B | Reported |
| EverBank shareholder stake | 59.2% | Reported |
| WaFd shareholder stake | 40.8% | Reported |
| EverBank nonbank exposure, pre | >40% of ~$37B loan book | Reported (Reuters) |
| EverBank nonbank exposure, post | ~28% of combined book | Projected (Reuters) |
| WaFd 2027 EPS accretion | ~29% | Projected (Reuters) |
| Pro forma ROTCE | ~15% | Management guidance |
| TBV dilution recovery | <2 years | Projected |
The strategic exchange
EverBank gets the cleaner structural win: public-market access, WaFd's retail deposit base, and more than 200 branches across the Western United States to reduce dependence on wholesale funding. WaFd, in return, gains EverBank's nationwide digital banking platform, an affluent customer base, and specialty commercial lending capabilities expected to support expansion into wealth management and fee-based lines.
The near-term financial case belongs to WaFd's shareholders. Reuters reports the deal is expected to lift WaFd's 2027 earnings per share by approximately 29%, with tangible book value dilution recovered in less than two years. Management expects the combined company to reach a pro forma return on tangible common equity of around 15% once planned cost savings are fully realized. Every one of those figures carries conditional status, dependent on regulatory approval, shareholder votes, integration execution, and credit conditions holding.
The central risk is EverBank's existing nonbank financial book. Reuters has noted slower private-credit activity and mounting difficulty for private-equity sponsors seeking investment exits. That environment could pressure credit quality in EverBank's loan book before the merger's diversification effect fully materializes, and integration costs running above plan could erode the projected EPS lift. WaFd shareholders absorb all of that at a 40.8% stake, trading a familiar institution for a larger combined bank they will not control.
The transaction still requires regulatory and shareholder approval.